A pivotal technical pattern is taking shape on bitcoin’s chart, one that could determine the market’s next directional move as crypto continues to trail a surging equity market.
Bitcoin slipped to around $75,500 during Asian trading on Tuesday, moving out of sync with global stocks, which extended their rally to fresh record highs overnight.
Major cryptocurrencies showed mild weakness, with XRP, ether and Solana each down as much as 1% over the past day. Zcash (ZEC) stood out on the downside, tumbling 9% to $564 — the largest drop among leading tokens. Meanwhile, Hyperliquid (HYPE) bucked the trend, rising 1.4% to $59.99 and climbing the rankings to sit just behind Dogecoin by market cap. Tron (TRX) has also quietly gained ground over the past week, outperforming peers that have largely traded sideways.
Traders are now focused on bitcoin’s moving averages. FXPro analyst Alex Kuptsikevich noted that BTC is currently holding near its rising 50-day moving average, while the 200-day moving average acted as resistance earlier this month.
The two indicators are approaching a potential crossover — commonly referred to as a “golden cross” — which is typically interpreted as a bullish signal. However, Kuptsikevich cautioned that a decisive break above or below either level before the crossover materializes could dictate the market’s direction in the coming weeks.
Flow data, however, paints a more cautious picture. U.S. spot bitcoin ETFs have recorded $1.74 billion in outflows over the past two weeks, according to CryptoOnchain, suggesting weakening institutional demand. At the same time, retail traders have been increasing leverage, a mix that has historically preceded sharp liquidation events when market sentiment turns.
Elsewhere, attention remains on ether as a key signal for broader crypto momentum. Joel Kruger of LMAX Group highlighted the $2,400 level as a critical resistance zone, noting that repeated failures to break above it reinforce its importance. A sustained move above that level could mark a meaningful technical shift and attract renewed institutional interest.
On the regulatory front, the U.S. Securities and Exchange Commission approved the listing of options tied to a bitcoin index derived from prices across multiple exchanges — the first product of its kind. Previously, U.S.-listed crypto options were limited to instruments linked to spot ETF shares.
Traditional markets, meanwhile, continued to push higher. The MSCI All Country World Index notched its sixth consecutive day of gains, reaching a new record. South Korea’s Kospi has surged roughly 100% this year, making it the top-performing major equity index globally. In the U.S., Micron Technology jumped 19%, pushing its valuation above $1 trillion and joining SK Hynix among semiconductor leaders at that level.
In commodities and rates, Brent crude declined 1.5% to $98 amid signs of progress in U.S.-Iran negotiations, while the yield on the 10-year U.S. Treasury eased to 4.47%.
Bitcoin’s relative underperformance versus equities has been one of the clearest trends in recent weeks. Whether that divergence closes through a pullback in stocks or a catch-up move in crypto may ultimately depend on how the current moving average setup resolves.
